Last week, I was involved in a very interesting discussion on social media, one of the known Media Personality in the country was asking why despite his hardworking, the name of his new business was not famous? As I was about to join the conversation, I decided to spend some time trying to understand the reason behind such difficultness a media guru and media celebrity was facing to put the name of his new business into his listeners’ mouths and memories.
This scenario gave me an opportunity to blog this very important part of establishing a business: Naming a business/product/service which is a very important part of the process of successful branding a business. A name is part of the day to day business activities. Coining a wrong name would eventually hinder marketing as people would be facing difficulties in pronouncing and even to remember it. A name is used in day to day conversation, emails, voicemails, websites, on a product, business card, and in presentations.
The wrong name for a company, product, or service can be a disaster as it can hinder marketing, advertising, and selling efforts through miscommunication resulting from the wrong name because it’s hard for people to pronounce and remember it. Finding the right name reacquires; creativity, discipline, and strategic approach as follows;
- It should be meaningful, the right business name communicate a certain meaning which is closely attached to the business it stand for
- Its distinctive, uniqueness is associated with easy to remember, pronounce, and spell. This feature differentiate your product or service from the competition and it’s easy to share on social media
- Future-oriented, naming of the business should accommodate future growth, change and success. A business with long logs has sustainability and preserves possibilities.
- Protectable, the name should have ability to be owned and trademarked, and should provide a domain during its registration and website creation.
- It should have positive connotations in the market where it’s applicable, and the name should lend itself well to graphic presentation in a logo, text, and in brand architecture.
Let’s now, look into the basis under which business names are formed and advantages and advantages for every technique and lastly we would discuss the best approach;
Descriptive Names are names that directly convey the nature and meaning of the business. The greatest advantage behind this type of business naming, it directly communicates the rationale for the existence of the business. Whilst it’s mostly cited disadvantage, the name limits future growth or pivoting of the business. Examples of the descriptive names are; Taxify, Facebook, VunjaBei, etc.
Named after their founders, many business names come out from their founders, the main advantage is based on the fact that the name can be easily protected. But since it’s named after a human being, it satisfies a real human ego. For instance Abood Transit, Shabiby Trans, etc
A made-up name, this style of naming a business involves fabricating a name. Its main advantage is on copyrighting but a company must invest a significant amount of money to brand type of names formed under this approach.
An acronym, these names are difficult to remember and difficult to copyright. Many names of this style become famous after spending resources on advertising the full meaning of the name for stance CNN, TBC, BOT, SNS, GSM, etc.
Naming using the above techniques, some companies apply some of the above-discussed techniques to name their businesses. This normally appears to be the best way of naming a business. This technique offers to mean to both customers and investors. Lai Marketing offers this very distinctive and cooperative service of Naming Business/Product/Trademarks/Services at a very affordable price. You can contact us here, for, to get your name which would stand to be the greatest asset in your business
26 thoughts on “Brand Identity: Tips for Turning a Business Name into an Asset”
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